Coffee consumption is overtaking production around the world and the International Coffee Organization sees a shortage on the horizon.
The ICO already predicts a shortage of about 5000,000 bags for the 2019-2020 crop. Global coffee exports dropped 13.4% in October 2019, 8.9 million bags less than the same month in 2018. Factors including bad weather patterns and extended low international prices across all regions were contributors, according to an ICO report.
That report also indicated coffee prices climbed 10.1% in November.
Demand for coffee in the United States, and gourmet coffee in particular, continues to grow, according to the Specialty Coffee Association. That group reported that the U.S. coffee market grew by 8% in 2018.